The sentiment for cryptocurrencies seems to be up as bitcoin surpasses the $23,000 mark, currently trading at $23,233 at the time of writing. The Greed and Fear index for bitcoin is now at 31 after spending the past few months in the teens as bitcoin sits above $23,000. The bulls are eyeing a rally toward $30k if a bullish breakout above $24k occurs, while the bears still believe this is a fake out. It can end up in the low teens or even sub $10k regardless of the short-term action. Bitcoin is here to stay, according to former Blackrock top executive and investment advisor Edward Dowd.
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As a guest on the Layah Heilpern print podcast, Dowd stated that while gold remains a viable investment, bitcoin has a greater chance of succeeding as a form of wealth storage. According to Dowd, Bitcoin has a place in everyone’s portfolio and a great deal of potential because of its proven nature as a store of value. Dowd emphasized that once bitcoin fully evolves, it would certainly surpass gold due to its unique characteristics, such as the capacity to be digitally exchanged.
‘I missed the whole bitcoin wealth creation thing. You know, I’m old. I missed it, but I understand it and I analyze it like I do any other chart or security, and it went through unprecedented growth and speculation. It put in a very nefarious formation, which is what we call a yearly swing high in its whole history prior to the last three years. That had never been done. It had tremendous drawdowns but never technically put in a yearly swing high, and what that is a technical formation that suggests that a major top is in.
I think bitcoin is here to stay if you bought it at $65,000 or you’re not going to see those prices for a long, long time and I think bitcoin has to do what lots of bubbles do. It has a blow-off top and then it has a base, and the basin period could be anywhere from three to ten years. I don’t know what it is. I suspect it’ll be shorter, primarily because lots of weird things are going on in the world. I don’t think we’re going to go through a 10-year base-basing period, but crypto’s here to stay, bitcoin’s here to stay. It’s going to be definitely a part of everyone’s portfolio.
When people talk about gold, you know, I’m not a gold bug, but you know, what do you do with bars of gold? What are you going to shave off a little sliver? I mean, at least with bitcoin, you can. You can exchange it digitally. Uh, gold is a much tougher sell for me. I’m not against gold, and having some gold is not a bad idea, but if you know that you’re storing all your wealth and gold bars in your basement and that the s-h-h-i-t stuff hits the fan, it’s freedom. It’s the technology, which, from what I understand, is open source. It’s basically transparent; the ledger is there for everybody to see. That’s something you don’t get from central banks.
We have no idea what’s going on behind closed doors. We don’t know what swap lines we have with China or Russia. I mean, it’s a joke, so I think these cryptocurrencies, I know there’s a lot of fraud in crypto, but it’s like anything new, there’ll be fraud in the dot-com era. The crypto trading market is similar to the dot-com bubble in that 90% of companies fail, but one of them becomes Amazon. So it’s up to the crypto folks to figure out what the crypto Amazon is. That’s it and that’s what you need to do and I think bitcoin is obviously in the running with some of these other coins. Good luck.’
What do you think of Dowd’s thoughts here? Will bitcoin surpass gold as the ultimate store of value?
[This article is a transcription of a video made by Only The SAVVY]
[Original video: https://youtu.be/9yLG0ydglj4]